What are the best employee benefits for tackling the Cost of Living Crisis?
The Cost of Living Crisis is a major challenge facing many employees today. With the rising costs of energy, food, and other essentials, many workers are struggling to make ends meet.
Recent statistics from the ONS have revealed that 76% of adults polled said their cost of living has increased in the last month. In fact, the OBR expects real post-tax household income to fall by 4.3% in 2022-23. It looks like tough times are here for the foreseeable future.
In this context, employee benefits can play an important role in helping workers to manage their finances and improve their quality of life. We believe that employee benefits can not only contribute towards everyday expenses but also help them manage their finances better in general.
In this blog, we'll explore some of the best employee benefits you can provide for your employees to help tackle the impact of the Cost of Living Crisis, starting with our Financial Wellbeing Education solution.
Financial Wellbeing Education
Sometimes people struggle with money because they simply do not understand the various options that are available to them or have had very little education about budgeting.
Our Financial Wellbeing Education solution is an online platform that provides your team with access to a large body of resources about a huge variety of topics. With incomes stretched, squeezing every penny out of your income is essential, and this digital platform can help your employees learn how to budget and invest their money to build their financial security.
The platform also includes topics such as retirement options, how to save and the best way to use credit.
It is easy to use, accessible at all times and a great resource for beginners and those with more experience managing their finances.
Interested? Learn more
Financial Wellbeing Debt Advice
Our second recommendation is perfect for employees who are finding the rising cost of everyday expenses is affecting their ability to pay back existing debt.
Even people who are good with money can unconsciously slip into debt. And the stress of worrying about how to afford the repayments can affect our mental and physical health. In fact, some of the latest studies suggest that currently as many as three in ten adults are stressed because of financial struggles in the UK.
Our Financial Wellbeing Debt Advice service is a great solution, helping your employees access an online tool that can provide immediate recommendations based on their individual circumstances without any searches of their credit files.
The platform also gives employees access to professional debt advisers, if a personal consultation is required.
Interested? Learn more
Talk to us
If you would like to find out more about our solutions, get in touch.
Financial Wellbeing Lending
Our third recommendation supports employees who are met with unexpected expenses that they have not budgeted for.
Sometimes, circumstances just do not go your way. From unexpected car trouble to a surprise drainage issue, we cannot anticipate how and when expenses will mount up.
Our Financial Wellbeing Lending solution is a convenient way for your employees to get a fuss-free loan that they can pay back through their salary.
Your employees can borrow between £1,000 and £25,000 and give themselves the financial breather that they need to get back on track.
It provides a valuable safety net should the rising cost of living encroach on savings or swallow up your existing float.
Interested? Learn more
Everyday Health Cash Plan
So far we have investigated employee benefits that are specifically designed to help with financial wellbeing. Our next recommendation is a benefit that is normally reserved for those who are concerned about physical wellbeing. But, in the current economic climate, providing an Everyday Health Cash Plan for your team can really help them makes ends meet.
Dental appointments, optician appointments, glasses and contact lenses - these kinds of expenses are not an optional extra, but an essential cost.
And when the cost of living gets high, finding the funds for these kinds of outgoings can be difficult for families. No one expects dental emergencies, and accidents that mean a new set of glasses are required come out of the blue. It is hard to find the resources for these kinds of eventualities when every budget is so stretched.
Our Everyday Health Cash Plan helps your colleagues pay for everyday medical essentials and gives them quick access to medical care. The Plan covers optical appointments, dental treatment, physiotherapy and acupuncture.
Not only does it help your team save money, but it also supports their physical wellbeing and with quick access to a doctor guaranteed, can get them back to work faster when they need an appointment.
Interested? Learn more
Discount Savings Cards
Our final recommended employee benefit is our Discount Savings Cards. These handy rewards let your employees save money on essentials such as food and drink, helping them to meet the rising cost of living expenses.
A family of four could save 4% off their weekly shop at their main supermarket, and 7.5% off a secondary shop at a retailer such as Iceland or Marks and Spencer. The same amount could be saved from their high street shopping, and up to 40% off entertainment experiences such as cinema trips.
One of our much-valued employee discount schemes, our Discount Savings Cards can really help a household’s money go further.
Interested? Learn more
Employee benefits: a valuable financial resource
Offering the best employee benefits for tackling the cost of living crisis is a great way to show employees that your company cares about their wellbeing and their financial security. Financial education, debt advice and employee loans are all good strategies for employers to help their workers manage the rising costs of living. And discount schemes for employees that contribute towards living expenses - such as everyday health care costs and food bills - can make all the difference to cash-strapped households. By making these small changes, businesses can ensure their employees feel valued and supported in the face of economic hardship.
